Ascent Resources making solid progress in Slovenia

Europe-focussed oil and gas exploration and production company Ascent Resources updated the market on progress with its Petišovci project in Slovenia on Tuesday, reporting that the downhole portion of the operations to prepare well Pg-11A to produce and sell gas was expected to finish in the next seven days.

Following that, the AIM-traded company said it would begin the construction of the short flowline to connect the well to the pipeline which runs to the central processing facility (CPP).

As the well was fully cleaned up following the extended flow test in 2012, an additional clean-up and flow test would not be carried out once the workover was complete.

Instead, Ascent said it would immediately move to connect the well to infrastructure, enabling gas to be produced for sale.

The company also said it remained on track to commence supplies of gas to INA in the coming weeks, in line with its schedule.

Current field operations were focussed on connecting the CPP to the export line at MRS Lendava.

That work was progressing as planned, the board reported, and was expected to be completed around the middle of the month.

Ascent also remained focussed on the refurbishment of the gas separation equipment at the CPP, which was also underway and said to be proceeding as planned.

The company’s customer, INA, was completing the recertification of its pipeline in time to receive Petišovci gas, the board added.

“We are pleased that the work is proceeding on time and budget and look forward to selling gas from both wells in the near future,” said CEO Colin Hutchinson.